Kansas § 40-3640 Same; value of security held by secured creditor

Kansas Statutes

§ 40-3640 — Same; value of security held by secured creditor

Kansas·Ch. 40 INSURANCE·Art. 36 IMPAIRED OR INSOLVENT INSURERS

(a)The value of any security held by a secured creditor shall be determined in one of the following ways, as the court may direct:

(1)By converting the same into money according to the terms of the agreement pursuant to which the security was delivered to such creditors; or

(2)by agreement, arbitration, compromise or litigation between the creditor and the liquidator.

(b)The determination shall be under the supervision and control of the court with due regard for the recommendation of the liquidator. The amount so determined shall be credited upon the secured claim, and any deficiency shall be treated as an unsecured claim. If the claimant surrenders the security to the liquidator, the entire claim shall be allowed as if unsecured.

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(a) The value of any security held by a secured creditor shall be determined in one of the following ways, as the court may direct:
(1) By converting the same into money according to the terms of the agreement pursuant to which the security was delivered to such creditors; or
(2) by agreement, arbitration, compromise or litigation between the creditor and the liquidator.
(b) The determination shall be under the supervision and control of the court with due regard for the recommendation of the liquidator. The amount so determined shall be credited upon the secured claim, and any deficiency shall be treated as an unsecured claim. If the claimant surrenders the security to the liquidator, the entire claim shall be allowed as if unsecured.

Kansas § 40-3640 (Same; value of security held by secured creditor) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.